A brilliant comment on the drying up of the A-Rate Securities market:
"It’s the fire in the discotheque," said Peter Demirali, a vice president at Vineland, New Jersey-based Cumberland Advisors Inc., which has $1 billion of assets under management. “Everyone can’t get out all at the same time."
Paul Krugman terms the failure of this market as a 'modern version of bank run'.
Rritu
Friday, July 4, 2008
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